EUR/USD Daily Outlook 31 JAN 2012
The EURO declined yesterday as mentioned in the weekly report, and tested the area around 1.3080, but it pulled back again and attacked 1.3200 level last night..
As said yesterday, according to the daily chart, the pair is going to fluctuate around EMA 50 for awhile with tends to be bullish before the big move (1.3377)…
Anyway, we should keep watching the daily close, 1.3116, 1.3061 and 1.3003 , a daily close above 1.3116 will keep the intraday trend very bullish , a daily close below 1.3061 will be a threat to the upward trend , a daily close below 1.3003 will eliminate the bullish trend and it may lead for a massive bearish move towards 1.2800/700 levels..
For the upside move, we need to watch 1.3206, 1.3265 and 1.3330, a daily close above 1.3206 should attack 1.3330 very easy?!!
What should we do?!!
Buy the pair between 1.3061/1.3116 or buy it with a daily close above 1.3206, selling the pair around 1.3200 is risky cause we are in upward trend, if you wanna short around 1.3200 ,your stop should be above 1.3330 or with a daily close above 1.3206?!!
Today I assume a retracement to the area 1.3165 according to CCI on hourly chart but I’m afraid that we might go down towards 1.3116 according to the daily chart, so you may buy at any of these levels, your stop 1.3050
Trend direction is Upward, the trend will remain valid as long as the daily close is above 1.3003, technical targets are around 1.3330/70 levels.
The trading range for today probably would be between the support level 1.3100 and the resistance level 1.3240..
Support: 1.3116, 1.3061, 1.3003
Resistance: 1.3206, 1.3265, 1.3330
Recommendations: Upon the chart and the explanation posted above; my recommendation is buying the pair at 1.3160 targeting 1.3240 & 1.3310, stop loss at 1.3050 or buying the pair at 1.3115 targeting 1.3190, stop loss at 1.3050
Silver Daily Outlook 31 JAN 2012
These levels need to be watched: 32.74, 33.37 and 33.92, breaking of 33.92 would test 38.50 in medium term, so what should we do?!!
We should buy the pair around 33.37 or buy it with a daily close above 33.92, remember; breaking down of 32.74 would lead for a strong bearish move towards 31.00 levels?!
Trend direction is Upward; the trend will remain valid as long as the daily close is above 32.74 technical targets are around 33.92 levels.
The trading range for today probably would be between the support level 33.00 and the resistance level 34.00.
Support: 32.75, 33.10, 33.40
Resistance: 33.95, 34.55, 35.20
Recommendations: Upon the chart and the explanation posted above; my recommendation is buying the pair at 33.15 targeting 33.90, stop loss at 32.60.
Tuesday 31 JAN 2012 08:42 AM